Juniper Payments, a PSCU company and the largest cloud-based non-bank third-party provider of inter-bank transaction and reporting systems in the U.S., announced today it is now supporting live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. Juniper Payments is among the first service providers supporting transaction activity for financial institutions on the service.
Through the FedNow Service, Juniper Payments is positioned to offer financial institutions access to instant payments, helping them remain competitive and offer best-in-class service for consumers.
“As a service provider of the FedNow Service, Juniper Payments demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”
To support transaction activities for financial institutions participating in the FedNow Service, Juniper Payments completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.
“The entire Juniper Payments team is extremely proud and thrilled to be among the first service providers to leverage the powerful new FedNow Service, which is poised to truly transform the speed and transparency of sending and receiving money in our banking system,” said Jon Budd, CEO, Juniper Payments. “We are eager to see all the capabilities this new service will offer, as well as continue our pursuit to provide clients with access to the most cutting-edge payments solutions that meet the unique needs of today’s digital world.”
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
About Juniper Payments
Juniper Payments, a PSCU company headquartered in Wichita, Kansas, delivers payment solutions through correspondent and direct relationships with banks and credit unions throughout the U.S. Our modular solutions are utilized by more than 3,000 financial institutions daily, enabling payment initiation and receipt across all payment rails. Juniper’s technology interfaces with core processors and the Federal Reserve, providing streamlined, real-time payments. From traditional payment channels such as ACH, cash letter and wires, to faster rails such as RTP and soon FedNow payment options, Juniper focuses on technology delivery so our customers can focus on their business. Visit JuniperPayments.com for more information.
PSCU, the nation’s premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes nearly 7.7 billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU’s payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365-member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
About the FedNow Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).